2050 seems like a long time away, but 2021 seemed far away in 1991. Back then, did you think a cell phone would fit into your pocket? Or that you could shout at Alexa to order you more paper towels without getting off the couch? Technology has transformed how we live over the last 30 years, and there’s no telling how it will change life by 2050. Here are some predictions for how your retirement in 2050 could look.
By 2050 there will likely be 9 billion people on earth, and the majority will live in cities. Our cities may not look like science-fiction fantasy, but virtual and augmented reality will transform the way we get information and interact with our surroundings. The augmented reality market is expected to reach $55 billion by 2021, and there is an increasing demand for augmented reality in healthcare, construction, retail, and e-commerce. For example, augmented reality will help engineers and architects see what a building project would look like before it’s built and make alterations to the plans ahead of time. This would mean our cities could be built faster and better.
Celebration of Aging
America’s aging population will shape the future in new ways. Scientists predict that, on average, women will live to be 89 to 94, and men will live to be 83 to 86 by 2050. As America’s consumers age, advertisers and marketers will have to appeal to them. Baby Boomers have more than half (57%) of the nation’s wealth, yet advertisers and marketers often ignore them and focus on younger people instead. But, many of today’s near-retirees and retirees are interested in spending money on travel and other ways of enjoying themselves after working hard to accumulate wealth. If the media starts to focus on Americans 50 and over with positive messages, we could see less negativity towards aging and more celebrating it.
The healthcare industry may also focus more on individual health in relation to happiness and general wellness. There are already breakthroughs in the fields of gene therapy and personalized medicine. However, medical advancements come at a cost, and there is already a rising healthcare cost in retirement that you should plan for. A solid retirement plan anticipates the costs that Medicare will not necessarily cover.
There are many reasons to look forward to the future, but also things to consider. There’s no telling how retirement could be different in 2050. If you’re concerned about outliving your nest egg or market volatility, contact us. We can help you create a retirement plan that makes you look forward to your future. Schedule your no cost, no obligation financial review to speak with us.